Kao Beneish M-Score Historical Data
The historical data trend for Kao's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Kao Beneish M-Score Chart
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Kao Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.91 |
-2.76 |
-2.55 |
-2.43 |
-2.89 |
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Kao Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.43 |
-2.56 |
-2.71 |
-2.74 |
-2.89 |
Competitive Comparison of Kao's Beneish M-Score
For the Household & Personal Products subindustry, Kao's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Kao's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Kao's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kao's Beneish M-Score falls into.
Kao Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Kao for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9936 | + | 0.528 * 0.97 | + | 0.404 * 1.1603 | + | 0.892 * 0.9239 | + | 0.115 * 0.9571 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0703 | + | 4.679 * -0.089232 | - | 0.327 * 1.01 |
| = | -2.94 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,569 Mil.
Revenue was 2824.641 + 2620.007 + 2764.143 + 2601.996 = $10,811 Mil.
Gross Profit was 1059.483 + 1007.454 + 1019.008 + 859.534 = $3,945 Mil.
Total Current Assets was $5,675 Mil.
Total Assets was $12,291 Mil.
Property, Plant and Equipment(Net PPE) was $3,798 Mil.
Depreciation, Depletion and Amortization(DDA) was $633 Mil.
Selling, General, & Admin. Expense(SGA) was $3,294 Mil.
Total Current Liabilities was $3,194 Mil.
Long-Term Debt & Capital Lease Obligation was $1,584 Mil.
Net Income was 78.677 + 107.667 + 83.525 + 36.038 = $306 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 571.025 + 391.322 + 461.318 + -20.963 = $1,403 Mil.
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Total Receivables was $1,709 Mil.
Revenue was 3137.899 + 2748.445 + 2889.672 + 2924.63 = $11,701 Mil.
Gross Profit was 1089.406 + 943.614 + 1044.991 + 1064.039 = $4,142 Mil.
Total Current Assets was $5,983 Mil.
Total Assets was $12,796 Mil.
Property, Plant and Equipment(Net PPE) was $4,284 Mil.
Depreciation, Depletion and Amortization(DDA) was $678 Mil.
Selling, General, & Admin. Expense(SGA) was $3,331 Mil.
Total Current Liabilities was $3,607 Mil.
Long-Term Debt & Capital Lease Obligation was $1,318 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1569.188 / 10810.787) | / | (1709.257 / 11700.646) |
| = | 0.14515 | / | 0.146082 |
| | = | 0.9936 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (4142.05 / 11700.646) | / | (3945.479 / 10810.787) |
| = | 0.354002 | / | 0.364958 |
| | = | 0.97 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (5675.097 + 3797.814) / 12291.482) | / | (1 - (5983.08 + 4283.844) / 12795.853) |
| = | 0.229311 | / | 0.197637 |
| | = | 1.1603 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 10810.787 | / | 11700.646 |
| | = | 0.9239 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (678.495 / (678.495 + 4283.844)) | / | (632.943 / (632.943 + 3797.814)) |
| = | 0.136729 | / | 0.142852 |
| | = | 0.9571 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (3294.313 / 10810.787) | / | (3331.165 / 11700.646) |
| = | 0.304725 | / | 0.284699 |
| | = | 1.0703 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1583.627 + 3194.397) / 12291.482) | / | ((1317.721 + 3606.899) / 12795.853) |
| = | 0.388726 | / | 0.384861 |
| | = | 1.01 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (305.907 - 0 | - | 1402.702) | / | 12291.482 |
| | = | -0.089232 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Kao has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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